Australian home market's first test of the year

The Australian property market will undergo its first major test tomorrow when 1,700 capital city homes go under the hammer on the first significant auction day of the year. CoreLogic economist Kaytlin Ezzy said it will be the second biggest start to February on record behind 2022 when 1,779homes went to auction. In the country’s two biggest auction markets, there will be 608 auctions held in Melbourne and 591 in Sydney.

Ms Ezzy said auction clearance rates weakened to below-average levels toward the end of last year and tomorrow’s event would “help set the pace for the pre-Easter selling season and provide a timely test of buyer demand”.

She added: “This week’s results could help indicate whether the weaker selling condition seen towards the end of last year has persisted into 2023 or if sentiment has lifted with earlier expectations of rate cuts following [this week’s] inflation update.”

Australia’s median home value moved higher for the twelfth consecutive month in January, up 0.4 percent. This follows an 0.3 percent uplift in both November and December. However, price performance is mixed across the capital cities, with Perth once again delivering outstanding growth at 1.6 percent in January. CoreLogic research director, Tim Lawless explained: “The western capital continues to see housing demand outweigh supply, helping to push values 16.7 percent higher over the past 12 months. Despite that, housing prices remain relatively affordable compared with most capital cities, with the median dwelling value sitting just under $677,000.”

Adelaide home values lifted 1.1 percent in January, Brisbane prices rose by 1 percent and Sydney values moved up 0.2 percent. Conversely, Hobart home values fell 0.7 percent, Canberra prices dipped 0.2 percent and Melbourne declined by 0.1 percent.

Mr Lawless noted that house prices across Australia continued to rise faster than apartments. The price gap is now at a new record high of 45.2 percent. House values across the capital cities lifted by 0.5 percent in January, equivalent to about $4,800 in value, while apartments lifted 0.1 percent, or about $900 in value. “Since the commencement of the upswing, capital city house values have surged 11 percent higher while unit values are up 6.9 percent,” Mr Lawless said. “It seems that most Australians are willing to pay a higher premium than ever for a detached home.”

Sales volumes remain elevated, with CoreLogic estimating 115,241 dwellings were sold over the three months ending January, which was 11.9 percent higher than the same time last year. “Despite ongoing cost of living pressures, high interest rates, low consumer sentiment and affordability constraints, homes are still selling, Mr Lawless said. “Housing demand has been buoyed by high migration, but also tight rental markets that have probably incentivised renters to transition towards home ownership if they can afford to do so.”

A grand old dame who has stood the test of time, Marika is a slice of Hunters Hill heritage transformed for modern-day living.

Meticulously renovated between 1981 and 1983, with several updates since, Marika made it onto the heritage register in 1999 just in time to signal a new millennium. Today, the modernised mansion is on the market with an auction price guide of $7.5 million, marketed through BresicWhitney’s Nicholas McEvoy.

“The home is a fantastic opportunity for a discerning buyer to get a grand family estate-style property, with a pool, tennis court and grounds, for a price that’s much more affordable than expected,” McEvoy says.

Sitting pretty on the corner of Augustine St and Ryde Rd, the stately Federation residence occupies a sprawling 2472sq m block, which was once part of a 30-acre land grant handed to Frederick Augustus Hayne in 1835. In 1902, he sold it to Dr Leopold Augustus Carter, a local dentist. Two years later, Marika, then known as “Ryde”, appeared in the famed Sands Directory – the social media of its era – a symbol of its architectural significance.

Surrounded by manicured gardens with sculpted hedges, a pool and full tennis court, Marika is a prime example of Federation style with contemporary elements.

Inside, the single-level five-bedroom home showcases intricate craftsmanship, from its decorative gables, period archways and bay windows to the coloured glass panels on multiple doors and windows. Elegant formal rooms have high ornate ceilings that are a preserved nod to Marika’s past, while the more modern spaces are relaxed family-friendly zones.

Thanks to a pavilion-style addition, the L-shaped layout measures 450sq m internally and wraps around a central courtyard that plays host to the alfresco dining terrace and pool, while a wide veranda frames the original front rooms of the house.

Primary living spaces, including the dining area with integrated bar, open to the great outdoors via stacker doors and the 21st century kitchen has a large island bench and a butler’s pantry with hidden access to the triple lock up garage. There is also a dedicated media room, a library or home office, plus a separate family room with a beautiful bay window.

All bedrooms feature built-ins while the main retreat, and a second bedroom, have shower ensuites. The shared bathroom houses convenient twin vanities and a freestanding bathtub.

Beyond the interiors, Marika delivers resort amenities with a full-sized, floodlit tennis court, the pool, barbecue terrace and a self-contained studio apartment with the added bonus of Harbour Bridge glimpses.

Added extras include a converted loft storage space, a large laundry with side yard access, ducted air conditioning, multiple fireplaces, solar panels with a battery backup and modern insulation.

Accessed via Augustine St, Marika is close to St Joseph’s College, Boronia Park shops, local ovals and city transport.

Marika at 59 Augustine St, Hunters Hill is set to go under the hammer on April 26, on site at 9am with a price guide of $7.5 million. The listing is with Nicholas McEvoy and Narelle Scott of BresicWhitney Hunters Hill.

Australian home market’s first test of the year

It’s the first big auction day of 2024 as the gap between apartment and house values widens

A heritage-listed Federation estate with tennis court, pool and studio, Marika offers timeless elegance and modern family living in the heart of Hunters Hill.